Suidwes Holdings ( RF ) ( Pty ) Ltd (" Suidwes ") | ||
During the period Senwes acquired a 100 % interest in Suidwes , which operates as a group of companies in the agricultural sector , with the effective date | ||
being 31 October 2020 . | ||
GROUP | ||
R ' m | ||
Fair value of assets acquired and liabilities assumed 1 : |
A ….………………........ |
149 |
Non-current assets , excluding property , plant and equipment , deferred tax and intangible | ||
assets |
104 |
|
Property , plant and equipment |
733 |
|
Deferred tax asset |
20 |
|
Intangible assets |
74 |
|
Inventory |
752 |
|
Trade and other receivables 4
|
392 |
|
Other loans receivable |
119 |
|
Trade payables |
( 462 ) |
|
Bank overdraft |
( 316 ) |
|
Current financial liabilities , excluding trade payables and bank overdraft |
( 1 099 ) |
|
Non-current liabilities |
( 129 ) |
|
Non-controlling interest |
( 39 ) |
|
Consideration paid 2
|
B …….……………......... |
113 |
Bargain purchase 3
|
C =( A-B )……………... |
36 |
|
1
The amounts recognised at the acquisition date for each major class of assets acquired and liabilities assumed .
2
| ||
The acquisition was funded from operating cash flows ( R63 million ) and the issue of 4 948 812 normal shares with a market value of R10 per share ( R50 | ||
million ), which amounts to a total investment of R113 million . | ||
3 The bargain purchase is included in the " Gain on bargain purchase of acquisitions " line item in the statement of comprehensive income . The transaction | ||
|
resulted in a gain mainly due to significant fair value adjustments on properties recognised at acquisition date .
4
| ||
The fair value of trade and other receivables acquired ( R392 million ) includes a provision of R53 million which is not expected to be collected . | ||
Since acquisition date , revenue of R838 million and a profit after tax of R49 million were contributed to the consolidated statement of comprehensive | ||
income by Suidwes , whereas the revenue and profit contributed by the company for the 12-month accounting period , as though the acquisition had been | ||
as of the beginning of the annual reporting period , are R1 698 million and R100 million , respectively . | ||
Suidwes IT Solutions ( Pty ) Ltd (" SWITO ") | ||
During the year , Africum Ltd acquired the remaining 51 % of SWITO . The investment was previously held as an investment in associate with a 49 % | ||
shareholding held by Africum Ltd . This resulted in SWITO being fully owned and consolidated in the Senwes Group . The effective date of the transaction was | ||
30 April 2021 . | ||
GROUP | ||
R ' m | ||
Fair value of assets acquired and liabilities assumed : |
A ….………………........ |
- |
Property , plant and equipment |
2 |
|
Deferred tax asset |
* |
|
Trade and other receivables |
1 |
|
Other loans payable |
( 3 ) |
|
Consideration paid 1
|
B …….……………......... |
* |
Bargain purchase 2
|
C =( A-B )……………... |
* |
* Amounts are less than R0,5 million . |
||
|
1 The acquisition was funded from operating cash flows .
2
|
||
The bargain purchase is included in the " Gain on bargain purchase of acquisitions " line item in the statement of comprehensive income . | ||